In the approaching months, real estate economists will have the difficult task of trying to calculate a path that the housing market is likely to take, factoring in things such as unemployment rates, population variances, economic growth, mortgage rates and most importantly consumer confidence.

I think we can agree that the recently re-invigorated new and resale housing market has little relation to most current economic indicators in Ontario.

As Realtors, we are expected to help make sense of the housing market. Sellers ask if the market value of their home has increased and Buyers want to know if they should expect a possible downturn again. Homeowners not in the market to either buy or sell want to understand the impact on their equity, which might effect future plans for major renovations.

Investors always need to know if it is the right time to buy, renovate or resell for a profit? First-time buyers want to know how much they need for a down payment so they can afford the monthly mortgage payments not only today but should rates increase.

These will continue to be uncertain times so there is no single easy answer. Much can be resolved by sitting down at your kitchen table with your Realtor® to assess your individual situation. A family member gets a job in another location or you might have to consider estate planning for a parent. Most young couples want to own their own home rather than renting and sooner rather than later. Current trends offer some indication of a more moderate market by midyear. As we know, for much of the last five years affordability had been an issue, with home ownership becoming unattainable to an ever growing segment of our community.

Our local real estate market is not immune to national economic challenges but Canada’s more disciplined lending structure has kept the mortgage landscape steady in uncertain times. This time a year ago, buyers were still waiting to see if the real estate market would bottom out to their advantage. Identifying the “bottom” of any market is very difficult. As it happened a much smaller and shorter than anticipated blip in sales came and went before we knew it had really occurred.

So for many potential buyers, even with the availability of low interest rates, that ideal house at the right price remained elusive. It is important to note that the average consumer tends to sell a home and buy a home within the same market; so while one may be selling at either a high or low price, one usually is also buying within that same high or low priced market. Moving to another community or province can provide the exception. There are excellent opportunities in today’s housing market.

Thinking of Buying or Selling ? Let me help.  Call or email me at 905.334.5537 or info@valeriepeebles.com I am an award winning Realtor with the ability to get you the results you are looking for.